First Home Savings Account

FHSA

A registered account for a first home: deductible in, tax-free out.

The First Home Savings Account (FHSA) is a registered account for first-time buyers that combines the best of an RRSP and a TFSA: contributions are tax-deductible going in, and qualifying withdrawals for a first home come out tax-free. It has annual and lifetime contribution limits and can be combined with the RRSP Home Buyers' Plan on the same purchase, making it one of the strongest tools a first-time buyer has.

General information only, not legal, tax, or financial advice. Rules change and vary by province; confirm the current details with the relevant authority before you rely on them.